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Solana Co-Founder Toly Responds to Flash.Trade Shutdown Criticism: Foundation's Help Limited to Early Promotion
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News EditorFlash.Trade has announced it will wind down operations unless it finds a buyer, prompting claims that the Solana Foundation's strong support for Phoenix effectively killed the competing trading platform. Solana co-founder toly pushed back in a tweet on Aug 10, saying the foundation cannot guarantee a product's success and its role is limited to marketing at the initial launch. According to toly, if another competing product were launched, the foundation could try to help that team get off the ground. But how much attention and ultimate impact the foundation's help brings depends on the product itself, not the foundation. He listed key questions: Is the product novel? Is it good? Do people like its promotional story? These factors, he said, are what truly drive user growth. Phoenix was heard of by almost everyone after launch, he noted, but whether that attention turns into actual users depends entirely on the Phoenix team. The remarks came after Flash.Trade said it would gradually shut down if no interested acquirer emerged.
Solana co-founder toly responded on Aug 10 to claims triggered by Flash.Trade's shutdown announcement. The trading platform had said it would gradually stop operations if no willing buyer was found, and that prompted questions over whether the Solana Foundation's strong support for Phoenix had killed Flash.Trade.
In a tweet, toly said the Solana Foundation cannot guarantee product success. Its role, he said, is limited to promotion during the product's early launch phase, nothing more. If another product competing with Phoenix were to be released, the foundation could try to help that team get started.
How much attention and ultimate impact the foundation's help brings does not depend on the foundation, toly said, but on the product itself. Is it novel? Is it good? Do people like the story being told about it? Those are the factors that drive user growth, he said.
Phoenix had been heard of by almost everyone after its release, toly added. But whether that attention turns into users, he said, depends entirely on the Phoenix team.
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